8/10, 12:03 PM (Source: TeleTrader)
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Alibaba's Q1 2024 sales reach $32.3B, up 14%

Alibaba Group Holding Ltd. announced on Thursday that its revenue for the first quarter of 2024 came to $32.3 billion, rising by 14$ on a yearly basis. Net income grew 51% to $4.7 billion, with diluted earnings per share (EPS) up by 56.6% to $0.23. Net cash provided by operating activities stood at $6.2 billion, increasing by 34% year-on-year.

"We repurchased US$3.1 billion worth of ADSs this quarter, which is supported by our continuous generation of strong free cash flow. Our strong free cash flow and balance sheet put us in an excellent position to strengthen our competitiveness and capture new opportunities," CFO Toby Xu said.

Alibaba's stock jumped by 3.36% in the premarket trade after the earnings release.

Baha Breaking News (BBN) / DJ